On Wednesday gold prices swung near the $1,200-level amid
jitters over the lack of an agreement on economic reforms for bailout
funds between Greece and its creditors remained.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery shed $3.70, or 0.31%, to trade at $1,199.40 a troy ounce during European morning hours. Futures held in a tight range between $1,198.80 and $1,204.30.
On Tuesday, gold rose $9.40, or 0.79%, to end at $1,203.10. Futures were likely to find support at $1,183.50, the low from April 14, and resistance at $1,210.60, the high from April 10.
Silver futures for May delivery declined 3.5 cents, or 0.22%, to trade at $15.97 a troy ounce. On Tuesday, silver rallied 11.9 cents, or 0.75%, to close at $16.00.
Copper for May delivery slumped 0.5 cents, or 0.2%, to trade at $2.698 a pound. Copper tumbled 3.0 cents, or 1.12%, on Tuesday to settle at $2.702 as concerns over a bond default in China's construction sector weighed. The Asian nation is one of the largest copper consumers in the world, and the state of its economy has indirect influence on the copper price. Fears of domestic bond defaults stoked investor worries that financing deals, which have locked up vast quantities of copper, could unravel.
Market players were closely watching the Greek crisis, as Athens is still far from reaching an agreement with its international creditors over economic reforms required to access remaining bailout funds.
On May 12 Athens are to pay €780 million to the International Monetary Fund, fuelling fears that the country could default on its debt be forced out of the euro zone.
